Chevy Chase Trust Holdings LLC Trims Stake in NetApp, Inc. (NASDAQ:NTAP)

Chevy Chase Trust Holdings LLC lowered its stake in NetApp, Inc. (NASDAQ:NTAP - Free Report) by 2.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 107,460 shares of the data storage provider's stock after selling 2,781 shares during the period. Chevy Chase Trust Holdings LLC owned approximately 0.05% of NetApp worth $12,474,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the stock. Banque Pictet & Cie SA purchased a new position in shares of NetApp in the fourth quarter worth about $4,329,000. Asset Management One Co. Ltd. increased its holdings in shares of NetApp by 7.2% in the fourth quarter. Asset Management One Co. Ltd. now owns 123,651 shares of the data storage provider's stock worth $14,462,000 after buying an additional 8,322 shares during the period. Avestar Capital LLC increased its holdings in shares of NetApp by 27.5% in the fourth quarter. Avestar Capital LLC now owns 3,524 shares of the data storage provider's stock worth $409,000 after buying an additional 761 shares during the period. Portfolio Design Labs LLC increased its holdings in shares of NetApp by 28.6% in the fourth quarter. Portfolio Design Labs LLC now owns 20,725 shares of the data storage provider's stock worth $2,406,000 after buying an additional 4,608 shares during the period. Finally, Core Alternative Capital increased its holdings in shares of NetApp by 11.5% in the fourth quarter. Core Alternative Capital now owns 45,941 shares of the data storage provider's stock worth $5,333,000 after buying an additional 4,721 shares during the period. Hedge funds and other institutional investors own 92.17% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on NTAP shares. Wedbush restated a "neutral" rating and set a $120.00 price target on shares of NetApp in a report on Friday, November 22nd. Citigroup boosted their price target on NetApp from $130.00 to $135.00 and gave the company a "neutral" rating in a report on Friday, November 22nd. TD Cowen boosted their price target on NetApp from $145.00 to $160.00 and gave the company a "buy" rating in a report on Friday, November 22nd. StockNews.com upgraded NetApp from a "hold" rating to a "buy" rating in a report on Wednesday. Finally, Bank of America upgraded NetApp from an "underperform" rating to a "neutral" rating and boosted their price target for the company from $121.00 to $128.00 in a report on Wednesday. Eleven investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $137.33.

NetApp Stock Up 0.0 %

Shares of NTAP traded up $0.02 during mid-day trading on Thursday, reaching $124.55. The company had a trading volume of 1,496,103 shares, compared to its average volume of 1,383,597. The company has a debt-to-equity ratio of 1.39, a quick ratio of 0.84 and a current ratio of 0.91. The firm has a 50-day moving average price of $120.05 and a 200 day moving average price of $121.84. NetApp, Inc. has a 52 week low of $83.80 and a 52 week high of $135.45. The company has a market capitalization of $25.32 billion, a price-to-earnings ratio of 22.90, a price-to-earnings-growth ratio of 2.86 and a beta of 1.23.

NetApp (NASDAQ:NTAP - Get Free Report) last announced its quarterly earnings data on Thursday, November 21st. The data storage provider reported $1.87 earnings per share for the quarter, topping analysts' consensus estimates of $1.78 by $0.09. NetApp had a net margin of 17.78% and a return on equity of 123.63%. The company had revenue of $1.66 billion during the quarter, compared to analyst estimates of $1.65 billion. During the same period in the previous year, the business earned $1.23 EPS. The firm's revenue for the quarter was up 6.1% on a year-over-year basis. On average, sell-side analysts forecast that NetApp, Inc. will post 5.89 EPS for the current year.

Insider Buying and Selling

In other NetApp news, President Cesar Cernuda sold 22,000 shares of the business's stock in a transaction on Monday, December 30th. The shares were sold at an average price of $114.99, for a total transaction of $2,529,780.00. Following the completion of the sale, the president now directly owns 27,099 shares in the company, valued at approximately $3,116,114.01. The trade was a 44.81 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO George Kurian sold 8,500 shares of the business's stock in a transaction on Monday, December 16th. The shares were sold at an average price of $124.29, for a total transaction of $1,056,465.00. Following the sale, the chief executive officer now owns 279,782 shares of the company's stock, valued at approximately $34,774,104.78. This represents a 2.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 60,903 shares of company stock worth $7,260,341 in the last three months. Insiders own 0.47% of the company's stock.

NetApp Profile

NetApp, Inc provides cloud-led and data-centric services to manage and share data on-premises, and private and public clouds worldwide. It operates in two segments, Hybrid Cloud and Public Could. The company offers intelligent data management software, such as NetApp ONTAP, NetApp Snapshot, NetApp SnapCenter Backup Management, NetApp SnapMirror Data Replication, NetApp SnapLock Data Compliance, and storage infrastructure solutions, including NetApp All-Flash FAS series, NetApp Fabric Attached Storage, NetApp E/EF series, and NetApp StorageGRID.